Buckeye Technologies Inc., the Memphis-based manufacturer of specialty fibers and nonwovens, set sales and earnings records for its fiscal year 2011. For the year ending June 30, the company's sales were $905.3 million, up 20% from sales of $756.4 million in the fiscal year 2010.
Adjusted net income for fiscal year 2011 was $90.8 million, or $2.23 per share, up from $34.9 million, or 91 cents, in the prior year. For the fourth quarter, adjusted net income was $27.8 million, or 68 cents per share, on net sales of $255.9 million. That compared favorably to $10.6 million, or 26 cents, on sales of $205.1 million in the year-earlier fourth quarter.
“We were pleased with our fourth quarter and our record fiscal year 2011 financial results,” said John B. Crowe, Buckeye chairman and chief executive officer.
“Continued excellent free cash flow generation, which amounted to $50 million for the quarter, allowed us to reduce our long-term debt during the quarter by $40 million to $97 million on June 30. At the same time, we repurchased 400,000 shares of Buckeye stock under our outstanding 5.6 million share authorization, representing a return of cash to our shareholders of approximately $10 million. We enter our new fiscal year 2012 with solid momentum.”
Buckeye Technologies incurred a non-cash, after-tax impairment charge of $13 million in the fourth quarter related to the closing of a Canadian nonwovens plant expected by the end of 2012. The move will eliminate 95 jobs in British Columbia.